(RTN) Raytheon Wins $51.6 Million Navy Contract

Raytheon Company (RTN) received a contract worth $51.6 million to give logistics support for the communication terminals of the U.S. Navy’s Extremely High Frequency Satellite Program (‘NESP’).

Raytheon’s unit, Raytheon Technical Services Company, which specializes in innovative training, logistics, and engineer solutions, will be entrusted to carry out the contracted work. The unit will handle all requisitions, warehouse as well as track government materials, and also test, repair and modify communication equipment when required. Raytheon will carry out the work from its four sites.

This high frequency satellite will provide jam proof communications to the Navy’s submarines, major surface ships and onshore sites. This satellite will also connect the U.S.  Navy with the U.S. Army and Air Force communication systems. Raytheon’s duty will be to keep this communication channel up and running.

Raytheon’s unit has been getting contracts from the defense departments on a regular basis. In April, Raytheon’s unit received the U.S. Air Force Cobra Dane radar systems contract worth $65 million for radar sustainment, integrated logistic support and maintenance of operations.

During the first quarter this unit of Raytheon booked orders worth $87 million on domestic training programs and $63 million on foreign training programs in support of Warfighter FOCUS activities. The business wing also booked $150 million to provide operational and logistics support to the National Science Foundation (NSF) Office of Polar Programs.

Raytheon reported strong first quarter financial results, with its earnings of $1.38 per share surpassing both the Zacks Consensus Estimate and the year-ago figure. The company expects pro forma earnings per share in 2011 to be in the range of $5.50–$5.65.

The Zacks Consensus Estimates for second-quarter 2011, fiscal year 2011 and fiscal year 2012 are, respectively, $1.16 per share, $4.88 per share and $5.56 per share.

Raytheon currently retains a Zacks #3 Rank (short-term Hold rating). The company competes with the likes of Lockheed Martin Corporation (LMT) and Northrop Grumman Corporation (NOC).

Based in Massachusetts, Raytheon Company deals with a diversified line of military products, including missiles, radars, sensors, surveillance and reconnaissance equipment, communication and information systems, naval systems, air traffic control systems, and technical services.

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